美国证券交易委员会的“生态系统”定义受到 Ripple 法律执行官的抨击

针对 3 月 27 日法院的裁决，Ripple 首席法律官 Stuart Alderoty 批评法院对加密“生态系统”的定义过于复杂，可能会导致对联邦证券法下加密资产发行人和发起人角色的误解。 Alderoty 的评论遵循了对加密货币分类的法律审查，并强调了不同的司法解释，正如 Coinbase 和 Ripple 案件中所见。

SEC's Ecosystem Definition Draws Scrutiny from Ripple Legal Chief

美国证券交易委员会的生态系统定义引起 Ripple 法律负责人的审查

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and cryptocurrency companies, Ripple's Chief Legal Officer, Stuart Alderoty, has taken aim at the agency's definition of a crypto "ecosystem." This scrutiny stems from a March 27 court ruling involving Coinbase, where Judge Katherine Failla's definition of the term "ecosystem" played a crucial role in determining the status of certain crypto-assets as "securities" under federal law.

在美国证券交易委员会（SEC）与加密货币公司之间正在进行的法律斗争中，Ripple 的首席法律官 Stuart Alderoty 将矛头指向了该机构对加密“生态系统”的定义。这项审查源于 3 月 27 日涉及 Coinbase 的法院裁决，其中法官 Katherine Failla 对“生态系统”一词的定义在确定某些加密资产根据联邦法律作为“证券”的地位方面发挥了至关重要的作用。

Alderoty's criticism centers around the SEC's overly complex approach to defining the concept of an "ecosystem." He argues that the agency's approach implies that acquiring any crypto token automatically entails investment in an "ecosystem," regardless of the context or purpose of the acquisition.

阿尔德罗蒂的批评集中在 SEC 定义“生态系统”概念的过于复杂的方法上。他认为，该机构的做法意味着，无论收购的背景或目的如何，收购任何加密代币都会自动需要对“生态系统”进行投资。

This critique resonates with Judge Failla's March 27 decision, where she partially granted Coinbase's Motion to Dismiss specific charges. Notably, the dismissal excluded the allegation of Coinbase operating as an unregistered securities exchange. This legal scrutiny unfolds against the backdrop of an ongoing regulatory debate over the classification of cryptocurrencies under securities laws.

这一批评与 Failla 法官 3 月 27 日的裁决相呼应，她部分批准了 Coinbase 驳回具体指控的动议。值得注意的是，此次驳回排除了 Coinbase 作为未注册证券交易所运营的指控。这种法律审查是在关于证券法下加密货币分类的监管辩论持续进行的背景下展开的。

Drawing comparisons to a separate case, SEC vs. Ripple, Alderoty highlights the divergent judicial interpretations of crypto assets. He commends Judge Analisa Torres' discernment in the Ripple case, contrasting her understanding of the evidentiary record with the SEC's broad application of the "Howey" test to crypto assets.

Alderoty 与单独的案件（SEC 诉 Ripple）进行比较，强调了对加密资产的不同司法解释。他赞扬了法官 Analisa Torres 在 Ripple 案件中的洞察力，并将她对证据记录的理解与 SEC 对加密资产的“Howey”测试的广泛应用进行了对比。

According to Alderoty, Judge Torres' judgment underscores the SEC's deviation from established securities law, particularly in cases where there is an absence of direct promises to investors by promoters. Despite these legal entanglements, Ripple's cryptocurrency, XRP, has maintained a relatively stable trading range between $0.5685 and $0.6624.

阿尔德罗蒂表示，托雷斯法官的判决强调了美国证券交易委员会对既定证券法的背离，特别是在发起人没有向投资者做出直接承诺的情况下。尽管存在这些法律纠纷，Ripple 的加密货币 XRP 仍保持在 0.5685 美元至 0.6624 美元之间相对稳定的交易区间。

Technical analysis by analysts indicates a bearish trend for XRP, supported by indicators such as the Awesome Oscillator and the Relative Strength Index. However, a potential recovery trajectory is suggested, contingent upon overcoming significant resistance levels. Specifically, analysts anticipate a rebound from the $0.5344 support level to challenge the $0.6624 resistance.

分析师的技术分析表明，在动量震荡指标和相对强弱指数等指标的支撑下，XRP 呈看跌趋势。然而，建议潜在的复苏轨迹，这取决于克服重大阻力水平。具体来说，分析师预计将从 0.5344 美元的支撑位反弹，挑战 0.6624 美元的阻力位。

In conclusion, Ripple's legal chief's critique of the SEC's "ecosystem" definition highlights the ongoing debate over the regulatory status of cryptocurrencies. As the SEC continues its pursuit of enforcement actions against crypto companies, the outcome of these legal battles will have significant implications for the future of the industry.

总之，Ripple 法律负责人对 SEC 的“生态系统”定义的批评凸显了关于加密货币监管地位的持续争论。随着美国证券交易委员会继续对加密货币公司采取执法行动，这些法律斗争的结果将对该行业的未来产生重大影响。